South Korea to launch the world's first crypto police force

South Korea speeds up the creation of the Digital Assets Committee in the wake of the recent UST and LUNA token collapse.

According to Newspim, the Digital Assets Committee, the world's first ministerial-level regulator, will start its work in June. The Committee will act independently from the existing Financial Services Committee (FSC) and the Financial Services Supervisory Service (FSS), the country's two main financial regulators. FSC deals with the whole sector and helps to determine policy, while the FSS monitors crypto exchanges.

“The work of the Digital Assets Committee will start as soon as the new chairman of the Financial Services Commission is inaugurated,” said a ruling party spokesman.

The Committee will be among the first dedicated crypto-regulatory bodies in the world. It will assume the exclusive responsibility for oversight of the entire sector, albeit the authority transfer from the FSC and FIU will proceed in stages.

Last week, the country's top five exchanges, namely, Upbit, Bithumb, Coinone, Korbit, and Gopax, announced the formation of a joint response board following the collapse of LUNA. Party sources said the board would likely be advised by the new body.

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